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By Samuel R. Avro on Nov 26, 2008 with no responses

Gas Prices Fall Below $1.87 A Gallon

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Gasoline prices declined for the 70th consecutive day and are now 55% below the record high in mid-July.

Gasoline prices declined for the 70th straight day, falling below the $1.87 per gallon mark, according to a national survey of credit card swipes at gasoline stations.

The national average fell 1.7 cents, sinking to the lowest level since Jan. 27, 2005, according to motorist group AAA. Over the last 70 days gas prices have plummeted 52%.

Prices at the pump have dropped $1.223 per gallon from a year ago and are now down 55% from the record-high of $4.114 per gallon reached in mid-July.

A total of 38 states recorded prices below $2 a gallon, with the cheapest gas found in Missouri, where prices averaged $1.571 a gallon.

Alaska continued to have the highest price at $2.889 per gallon.

The AAA figures, compiled by Oil Price Information Services, are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation.